Podcasts about fhsa

В данном подкасте мы обсудим прогноз ставки на 2025 год, какую ипотеку брать и многое другое. Обсуждаемые вопросы: 1) Покупку недвижимости по рабочей визе. Основные проблемы для покупателей, такие как: что делать, если моя виза не будет продлена или я не получу ПМЖ. 2) Дополнительные источники дохода, например, самозанятость, вождение Uber и т.д. 3) Принимается ли в расчет child супорт. 4) Почему сложнее получить одобрение на ипотеку, если вы являетесь самозанятым. 5) Деньги из-за границы как источник первоначального взноса – что нужно знать. 6) FHSA счета. Elena Larsen, mortgage broker. Welcome 403-993-4333 (далее…) ————————————————- The content of this site and our podcasts are for information only. Everybody's financial situation is different and the thoughts we provide here may not be applicable to you. We can't be held responsible for the consequences if you pursue an unsuitable course of action. Сообщение Новости на рынке ипотеки как для резидентов, так и людей на рабочей визе | 286 появились сначала на Moneyinside.ca-самый популярный финансовый подкаст в Канаде!.

On today's show, Fidelity Canada's tax and estate planning experts unpack the Q&A from their recent Reddit AMA (Ask Me Anything). Are you looking to leverage a registered account such as an RRSP, TFSA or FHSA to your advantage? Purchasing your first home? Have elderly people in your life and need to consider an estate plan? Or maybe you want to get ahead and set your family up for success? Now is the perfect time to start thinking about smart financial decisions for yourself and loved ones. Recorded on February 28, 2025. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics' Advisor Digital Experience Study.

In episode 90 of In Her Wallet podcast, I'm tackling one of the biggest financial questions: How do you invest your first $1,000? If you've been wanting to start investing but feel overwhelmed by where to begin, this episode is for you!! I'm breaking down everything step by step—how to define your investment goal, whether to choose a TFSA, RRSP, or FHSA, and the best beginner-friendly options like ETFs, robo-advisors, or individual stocks. Plus, I'll share a funny story about how my husband and I took very different approaches to investing in Uber, and what that taught me about patience in the market. I'll also cover common investing mistakes to avoid, so you can start building wealth with confidence. By the end of this episode (in just 25 minutes…), you'll know exactly where to put your first $1,000 and how to make your first investment. Tune in now and take the first step toward growing your money! Start Managing Your Money Like a Pro with This Tool! Ep50 "How to Not Get (Fin)fluenced with Bad Financial Advice?"

Are you dreaming of buying your first home but struggling to keep up with rising house prices in Canada? In this video, I'll walk you through the top financial tools you need to know about: the Tax-Free Savings Account (TFSA), First Home Savings Account (FHSA), and Registered Retirement Savings Plan (RRSP). I'll break down the benefits, strategies, and smart planning tips for using these accounts to save for your first home more effectively. Whether you're a first-time homebuyer or just getting started with saving, this video offers practical advice to help you reach your homeownership goals faster, even in today's competitive real estate market.For more information, be sure to visit https://www.owlmortgage.ca/ & https://wealthbuilders.realpm.ca/

In this episode, Lawrence Greenberg and Jackson Matthews provide a comprehensive guide to the various types of investment accounts available to Canadians. From foundational accounts like TFSAs and RRSPs to specialized options like RESPs and RDSPs, the hosts outline how each account works, who they are best suited for, and common misconceptions. Whether you're saving for retirement, education, or your first home, this episode offers practical insights to maximize your financial strategy in 2025.Thank you for tuning in!Key Topics:Purpose of the episode: Navigating Canadian investment accounts. [00:01:00]Deep dive into Tax-Free Savings Account (TFSA). [00:01:47]Common misconceptions about TFSAs. [00:03:36]Registered Retirement Savings Plan (RRSP) basics. [00:04:32]Updates to the homebuyers' plan within RRSPs. [00:07:18]RRSP suitability for moderate to high-income earners. [00:09:05]Registered Education Savings Plan (RESP) explained. [00:10:05]Taxation on RESP withdrawals and planning tips. [00:12:33]Registered Disability Savings Plan (RDSP) overview. [00:14:07]Importance of RDSPs for qualifying individuals. [00:15:35]First Home Savings Account (FHSA) – a new tool for homebuyers. [00:16:05]FHSA eligibility and misconceptions. [00:18:35]Non-registered investment accounts and their tax implications. [00:20:05]Corporate investment accounts and holding companies. [00:22:10]Individual Pension Plan (IPP) for high-income earners. [00:23:02]Key takeaways and planning advice for the new year. [00:24:10]And much more!Mentioned in this Episode:Tulett, Matthews & AssociatesThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112.Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram.

As we head into 2025, household finances are still a large source of worry for many Canadians. So, Devon Lacombe, the Vice President of Retail Investments at Scotiabank, is our guest this episode and has seven simple, practical tips to de-stress your finances. From a no-fuss approach to budgeting to tools that make saving easier and much more to help make the new year a less worrisome one.    For more financial advice visit Scotiabank's Advice+ Centre.  For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures    Key moments this episode:  1:21 – Why finances are a particular worry for Canadians in 2025  2:34 – Tip 1: Be kind to yourself  4:20 – Tip 2: Start small   5:26 – Tip 3: Make a simple budget  7:27 – The 80, 30, 20 rule and how it can be an easy guide to budgeting  9:23 – Tip 4: Break down your goal  11:40 - Tip 5: Get the right accounts (plus a primer on some of the key savings vehicles: RRSP, RESP, TFSA and FHSA)  16:44 - Tip 6: Use the tools available to you  17:35 – An example of the power of compound interest  21:02 - Tip 7: Don't be afraid to get help   22:37 – Why Devon's New Year's resolution may or may not have to do with money 

With the end of the year arriving and the new year starting shortly, there are certain deadlines that you should be aware of every year, from an investment and tax optimization perspective. There are also some elements to keep top of mind as the new year begins. These happen every year, so even if you are listening to this episode years from now, it will still be relevant to you, as these are things to think about and reevaluate every year. Think of this episode as a checklist that you can use every year to help ensure that you aren't missing anything from an investment, tax, and government benefit optimization standpoint. Enjoy the episode! Links from the Episode: My ETF Guide: What I invest in and why (free) My "How to Invest for Canadians Course" What DIY Passive Investing Style is Optimum for You? (video presentation) RESP Guide (Registered Education Savings Plan) Asset Allocation ETFs ZEQT - BMO All-Equity ETF ZGRO - BMO Growth ETF ZBAL - BMO Balanced ETF Active vs. Passive Investing: Interview with S&P Dow Jones Indices (S&P 500) & How to Choose the Right ETFs How to do Nobert's Gambit Guide

In this episode of Homeowner AF, I sit down with Scott McEachern, a Certified Financial Planner based in Barrie, Ontario. Scott specializes in helping families make smart financial decisions, from securing the right life insurance to planning for their biggest financial goals like becoming debt-free, saving for their kids' education, or buying their first home. Together, we dive into the First Home Savings Account (FHSA) — a game-changing tool for first-time homebuyers in Canada.What You'll Learn in This Episode:What is the FHSA?Scott breaks down how the FHSA compares to other popular savings options like RRSPs and TFSAs, explaining why it's a must-know for first-time homebuyers.Eligibility Criteria for the FHSA:We cover who qualifies as a "first-time homebuyer" and the steps to open this account.Where to Open an FHSA:Scott shares tips on where Canadians can access the FHSA — whether it's through the big five banks or alternative financial institutions.Contribution Limits and Carry-Forward Rules:Learn about the annual and lifetime contribution limits for the FHSA and how unused room can be carried forward.Tax Advantages of the FHSA:Scott explains how FHSA contributions impact your taxable income and how they can be used as tax deductions.Strategies for First-Time Homebuyers:Discover actionable tips to maximize your FHSA and reach your savings goals faster.Risks and Limitations:We discuss potential risks or limitations of investing within the FHSA compared to other accounts.What Happens If You Don't Buy a Home?Find out how unused FHSA funds can be transferred or repurposed without penalties.Connect with Scott McEachern:Instagram: @scmceachernWebsite: https://www.mceachernfinancial.ca/

A new savings product, the FHSA can now be added to the HBP to allow for a larger downpayment on a first home. These two programs differ in certain respects, however. With our guest expert, we analyze the strengths of the FHSA and the advantages it provides within various savings strategies.Website : https://ia.ca/economic-publications/podcasts

Watch this episode on YouTubeAs the year draws to a close,  Evan shares nine powerful strategies to enhance your financial health, decrease your tax liabilities, and set yourself up for future success. Whether you're retired, working, or just starting your financial journey, this episode offers valuable insights including a new update relevant for 2024. Topics covered include opening a first home savings account (FHSA), tax loss/gain harvesting, timing TFSA redemptions, charitable giving, RRSP and RESP contributions, RRIF conversions, and the benefits of a registered disability savings plan (RDSP). Tune in to ensure you're on the right financial track as we approach 2025!Tax-Free Retirement Workshop - Join The Waitlist Invest With EvanFinancial Foundations Course - Save 25% with code PODCAST25Full Financial Picture Spreadsheet

В данном подкасте расскажем о разнице между registered инвестиционными счетами RRSP, TFSA и FHSA. Обсудим какие лимиты у каждого счета и когда и при каких условиях можно снять деньги с данных счетов, а также какие налоговые последствия могут возникнуть. Обсуждаемые вопросы: 1) Лимиты сколько можно вносить в каждую программу 2) Штрафы за превышение лимитов 3) Могут ли супруги открыть FHSA каждый на себя 4)  RRSP — ограничения по возрасту 5)  Как перенести счет из одной организации в другую (далее…) ————————————————- The content of this site and our podcasts are for information only. Everybody's financial situation is different and the thoughts we provide here may not be applicable to you. We can't be held responsible for the consequences if you pursue an unsuitable course of action. Сообщение Сравниваем канадские инвестиционные счета RRSP, TFSA и FHSA | 270 появились сначала на Moneyinside.ca-самый популярный финансовый подкаст в Канаде!.

In this insightful episode of the Broady Windsor Group Podcast, we dive deep into the world of mortgages with Joe Valenti from Better-Mortgage.ca. We discuss the latest government policies impacting first-time homebuyers and explore key differences between insured, insurable, and conventional mortgages. Whether you're a first-time buyer or a seasoned homeowner, this episode provides valuable insights to help you navigate the complexities of real estate finance.Key Topics Covered:1. Understanding Different Mortgage Types: Joe Valenti explains the differences between conventional, insured, and insurable mortgages. He walks listeners through how these types impact buyers differently based on the down payment, property value, and risk to the lender.2. New Government Policies for First-Time Buyers: The conversation covers the recent policy changes, including the increased threshold for insured mortgages from $1 million to $1.5 million. Joe discusses how this affects homeowners, particularly in the West Island area, and what first-time buyers should know about the 30-year amortization option.3. The 30-Year Amortization Strategy: Joe shares insights on how the 30-year amortization can lower monthly payments, making homes more affordable. He advises buyers on how to make the most of this option and the importance of planning to reduce the amortization period over time.4. First-Time Homebuyer Savings Account (FHSA): Joe highlights the benefits of opening an FHSA to help save for a down payment. He explains how this account works similarly to a combination of an RRSP and a TFSA, providing tax advantages and flexibility for future homebuyers.5. Fixed vs. Variable Rate Mortgages: With interest rates fluctuating, Joe offers expert advice on choosing between fixed and variable rate mortgages. He outlines the risks and rewards of each option and how to decide based on individual financial situations and future plans.6. What Banks Consider in Mortgage Applications: Joe details the factors banks review when evaluating mortgage applications, including credit scores, income stability, and debt ratios (GDS and TDS). He also explains how self-employed individuals can navigate the process with the help of a mortgage broker.7. The Role of Mortgage Brokers vs. Bank Specialists: Joe explains the key differences between working with a mortgage broker and a bank specialist. He emphasizes the advantages of using a mortgage broker to access a wider range of lenders and customized solutions based on the borrower's unique profile.8. How New Policies Might Impact Montreal's Real Estate Market: Joe and Scott discuss how the new policies, including the increased amortization period, could influence home prices in Montreal. Joe speculates on potential price increases in the lower price ranges due to higher demand and limited supply.9. Should You Pay Down Your Mortgage or Invest?: A common question from homeowners is whether to pay down their mortgage or invest extra funds. Joe provides a balanced view, explaining the pros and cons of both strategies, and how personal discipline plays a key role in deciding the best course of action.Final ThoughtsThe episode wraps up with practical advice on real estate and mortgage strategies for first-time buyers and homeowners looking to refinance or renew their mortgage. Joe emphasizes the importance of working with experienced professionals to make informed financial decisions.Contact the BW Groupinfo@broadywindsor.com

Tax expert Jamie Golombek, Managing Director of Tax & Estate Planning at CIBC Private Wealth, joins us for an in-depth conversation on the new higher capital gains inclusion rate, and what this change could mean for Canadians and their future financial decisions—including individuals, investors, and businesses or corporations. If you might be affected by the change, you'll want to listen to this episode! Here are three reasons why you should listen to this episode: Learn about the changes to the capital gains tax inclusion rate that took effect on June 25th, 2024.Find out how the changes affect people with vacation homes/cottages and rental properties, investors, and corporations and businesses.Discover the impact of tax planning with long-term strategies and advice.Resources Visit CIBC for more smart adviceRead Jamie Golombek's column “Tax Expert” in the National PostEpisode highlights [02:40] Current rules vs. proposed changes Jamie says it's a big change, but only affects a small number of people each year. The change affects people who realize capital gains outside of a registered plan that total more than $250,000 in a calendar year.Jamie says the change will also affect individuals who sell a vacation property, income or rental property. Or, if the property isn't transferred to a spouse or partner via spousal rollover, the estate may be liable for taxes.[04:40] “If we really want to break it down, what does this really mean for those who are affected? For individuals, it's only gains over $250,000, and effectively your tax rate is going up by nine percentage points.” [05:51] Who the changes will affect[06:30] Individuals with a second home/cottage/vacation property Jamie notes that if you will have higher capital gains from selling your vacation property, you can use the principal residence exemption.If a vacation property is jointly owned by two spouses or partners, capital gains can also be split 50-50. Each individual can take advantage of lower 50% inclusion rate on first $250,000 in capital gains. This also applies to jointly owned rental properties.Jamie suggests tracking capital expenditures, like a major renovation, that add to the property's value. These can be added to your adjusted cost base for tax purposes. When you sell, the capital gain will be lower because cost will be higher.[09:10] Cottage owners Jamie notes one interesting opportunity for some clients is permanent life insurance if there's no cash in the family to pay capital gains taxes if you die and someone inherits your cottage. The amount of insurance you need only needs to cover the taxes. This can be done affordably if you're in relatively good health and relatively young.[12:11] InvestorsJamie predicts for 2024, the new term will be “capital gains selling.”Jamie advises to look at your broader portfolio allocation and holdings, and speak to your advisor to see if there are opportunities to crystallize a gain and rebalance portfolio. By end of the year, as long as the capital gains are less than $250,000, you will pay a preferred rate on the capital gains tax.[14:56] Corporations or businesses Jamie says that many professionals use corporations because of the substantial tax deferral. But with the recent change, there's have a problem: if you earn capital gains, you don't get the $250,000 break of the lower threshold in the corporation. This means you would be better off if you earned the gains personally vs. in a corporation.For new business owners, the real concern is if you're building up an investment portfolio internally, you're really disadvantaged.[17:37] “I think that you really need to look at the value of deferral. If you're not leaving at least $100,000 or more a year in the corporation, and you're deferring tax on that, you have to question, is it worth paying that extra tax ultimately on the capital gain rather than having that investment done personally?” [17:56] Will the capital gains inclusion rate ever go back down? Jamie says it will depend on what future governments do. A new government could get elected and reduce the inclusion rate.[19:18] “Ultimately it really is a political issue, and I think it will depend on who comes in, and the budget, and ultimately spending and how they can manage the deficit and also the long-term debt.” [19:46] Tax planning tipsJamie advises sitting down with a financial advisor, tax advisor, or an accountant to make sure you're taking advantage of registered plans, such as a registered retirement savings plan (RRSP), tax-free savings account (TFSA), first home savings account (FHSA), registered education savings plan (RESP), or registered disability savings plan (RDSP).A financial advisor can also help you with strategies such as splitting pension income, making charitable donations, keeping wills up to date, and designating powers of attorney.[21:10] “There's so much to talk about, but you can't do this alone. So, I think the best advice is to get advice. In other words, if you're not confident with your own plan, reach out to your advisor. Whether it's a financial advisor or a tax advisor, they will be able to go through some very basic strategies that will help you get on track and hopefully reduce the amount of tax that you pay.” About Jamie Golombek Jamie Golombek is the Managing Director of Tax & Estate Planning at CIBC Private Wealth, and is quoted frequently in the national media as an expert on taxation strategies for Canadians. He also writes a popular weekly column called “Tax Expert” in the National Post. Jamie teaches an MBA course in Personal Finance at the Schulich School of Business at Toronto's York University in Toronto. Connect with Jamie on his website, follow him on X, and check out his “Tax Expert” column. Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family — especially if you know anyone who may be affected by the higher capital gains tax inclusion rate.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook,Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts. 

Sonya Dolguina, Manager, Tax Consulting joins host Chris Cooksey to talk tax, including new tax accounts and laws, cross border tax implications as well some general tax planning topics: New account and laws First Home Savings Account (FHSA), what is it and who can open one? What if someone previously owned a home, can they open the FHSA account? How can a FHSA help with supporting your adult children with purchasing their first home? o   New tax law – federal anti-flipping rule for selling real estate held for less than a year o   New tax law – multi-generational home renovation tax credit Cross Border Tax implications of moving to Canada, including with investments and US retirement accounts from previous employer Tax implications of moving out of Canada General Tax Planning Income splitting with a spouse Maximizing tax benefits of donations by donating stocks rather than cash Follow the podcast on LinkedIn: The Advantaged Investor Please subscribe, rate and review. Reach out at advantagedinvestorpod@raymondjames.ca.

In episode 67 of the In Her Wallet Podcast, join Sofiia on a deep dive into the world of TFSA, RRSP, and the newly introduced FHSA. We discuss key benefits, differences, and strategic uses of each account to supercharge your financial journey. Whether you're saving for that dream holiday, planning a majestic retirement, or gearing up for your first home purchase, understanding all three accounts is crucial to take advantage of the huge tax benefits they offer. Tune in as Sofiia shares clear, actionable tips tailored to women managing multiple financial goals at a time, empowering you to leverage these tools to their fullest potential. Support the showFollow the show, leave us a 5-star review, and join our growing community of women building the futures they've always dreamed of.

FHSA strategies / Planning is like a box of chocolatesc / FOMO & the irrational investor / Improve your investment success

In this podcast, Ida and Gerry will compare all three registered accounts offered by the federal government: RRSP, TFSA, and FHSA *Introduction *Basic characteristics *Eligibility *Contributions *Contribution limits when withdrawing *Expiry of accounts *Transfers between accounts *Conclusion Detailed blog article on this topic: on our website UFile – Your taxes, your way – www.ufile.ca

First-Time Home Buyer Incentives: What You Need To Know! The 44th podcast episode of the Toronto Livings Real Estate Podcast dives into the numerous incentives available to first-time homebuyers in Ontario. The hosts, Mark Savel and Joey Virgilio, discuss the six homebuyer incentives, one of which was eliminated recently, that buyers can take advantage of. They also discuss their trip to Othership for an ice bath networking event, their dining experience at Dairy Freeze, and expose some shady things happening in the real estate industry, providing their listeners with useful information. (00:00) Introduction and Overview of the Episode (00:47) Welcome to the Toronto Livings Podcast (01:36) First Time Home Buyer Incentives (01:46) Weekly Highlights and Personal Experiences (06:04) News You Can Use: Real Estate Industry Updates (11:26) Deep Dive into First Time Home Buyer Incentives (18:30) Leveraging RSPs for Home Ownership (18:57) Understanding the RRSP Benefit (19:42) Introducing the First Home Savings Account (FHSA) (20:04) The Benefits of the FHSA (21:47) Investment Strategies for Your FHSA (23:07) First Time Home Buyers Tax Credit (25:00) GST/HST New Housing Rebate (28:20) The End of the First Time Home Buyer Incentive (32:41) Summary of Home Buyer Incentives (34:03) Closing Remarks and Shout Outs Shout Outs Othership - https://www.othership.us/ Lisbon Hotel - https://www.lisbonhotel.ca/ Dairy Freeze - https://www.yelp.ca/biz/dairy-freeze-toronto Keyzer Reid Real Estate Group https://onthemoveto.ca/ MediaRama Studios - https://www.mediarama.ca/

What is a FHSA? (First Home Savings Account) A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits). Guests Rudy Chung is a Senior Wealth Advisor & Robert Mulrooney is an Senior Investment Advisor with iA Private Wealth – their parent company, IA Financial Group is one of Canada's largest and oldest financial firms – IA Financial was established in 1892, and manages over $200 Billion in assets for over 4 million clients across Canada. Rob and Rudy, along with their partner Russ, run a practice within IA Private Wealth called Mindset Wealth, with offices in the Comox Valley and Vancouver, as well as in Ontario. Mindset Wealth - https://www.mindsetwealth.com addy - https://addyinvest.ca addy Origin Story - https://addyinvest.ca/about/ Disclaimer: This podcast is for informational purposes only and does not constitute investment advice. Listeners should consult with a qualified advisor before making any financial decisions. The podcast assumes no responsibility for the accuracy or completeness of the information presented, and investing involves risks. Listeners are encouraged to conduct their own research and consider individual circumstances.

The FHSA, TFSA and RRSP are powerful savings tools. Tune in to learn more about how to maximize your tax-free savings potential.--Follow The Financial Long Game:Website - http://odlumbrown.com/FinancialLongGameApple Podcasts - https://podcasts.apple.com/ca/podcast/the-financial-long-game/id1723891225Spotify - https://open.spotify.com/show/1rHyrg4b5Eq5EGJ8EiHksNAmazon Music - https://music.amazon.com/podcasts/f1fa0b03-e006-42b3-914a-e91e50644f43/the-financial-long-gameFollow Shelly Appleton-Benko:Website - https://www.odlumbrown.com/advisors/advisor-detail/shelly-appleton-benkoLinkedIn - https://www.linkedin.com/in/shellyappletonbenko/?originalSubdomain=caFollow Odlum Brown:Website - https://www.odlumbrown.com/X - https://twitter.com/Odlum_BrownLinkedIn - https://ca.linkedin.com/company/odlum-brown-limitedInstagram - https://www.instagram.com/odlumbrown/

In this episode, I chat with Investment and Insurance Advisor - Tyson Nagasaka (@tyson_nagasaka) about the FHSA (First Home Savings Account) and RRSP (Registered Retirement Savings Plan). I reached out to my audience on Instagram and asked you what you wanted to know. Here are the answers! We chat about the similarities and differences, if one is better than the other, why you should have an FHSA and if the FHSA affects your credit score. Thanks for being here! Links to my favourite financial products and services (disclamer - some are affiliate links): KOHO Financial: https://koho.onelink.me/Iw0N/budgetbitch Budget and tracking with Monarch: https://www.monarchmoney.com/ BE SURE TO FOLLOW ME ON INSTAGRAM!  @FarrahTurcotte.ca I love sharing stories and REAL jargon-free content. Let's chat and connect! 

The Moose on The Loose helps Canadians to invest with more conviction so they can enjoy their retirement. Download The Canadian Rock Stars List, a selection of the safest dividend stocks in Canada: https://moosemarkets.com/rockstars How to Invest in 2024: https://moosemarkets.com/webinar Webinar Replay: Dividend Income For Life : https://www.dividendstocksrock.com/dividend-income Dividend Portfolio Dashboard: https://www.dividendstocksrock.com/my-dsr-pro/

RRSP or TFSA? This question comes up every year! Does the answer change every year? In 2024, the answer is clearly yes, because we have a new player in the game and it's called the FHSA! Sébastien Mc Mahon and Ashleay Dollard share their tips for maximizing your savings and investments.Website : https://ia.ca/economic-publications/podcasts

Today, we're going to cover what you need to know from a tax, investing, and financial planning perspective as we head into this new year. As you know, the government makes changes every year in these areas and the implications of these changes can have a pretty substantial impact on how much you pay in taxes, your net worth, what government benefits you are eligible to get, and how much you get. These can easily affect your net worth in the thousands of dollars every single year, so it's definitely in your and my best interest to know about these changes and get a bit of a refresher, so that we can all better prepare, and also take advantage of any opportunities that arise. About our guests: To help me with this, I have Certified Financial Planners Jason Heath, and Hannah McVean on the show. Jason is a popular returning guest on the show, definitely one of the more well known and respected financial planners, here in Canada.  Hannah and Jason are both fee-only financial planners, which means they don't sell any investments so there isn't that potential conflict-of-interest that you see a lot of here in Canada where someone calls themselves a financial planner or a financial advisor, you think you're getting a good financial plan and that they have your best interests at heart, but really they are just trying to get you to buy the investments that their firm sells so that they can earn a hefty commission. None of that here, we're going for purely unbiased financial education with Hannah and Jason. A quick little bio on these experts: Jason has been providing fee-only, advice-only financial planning since 2002 (for well over a decade). He is also a personal finance columnist for the Financial Post, MoneySense, and Canadian MoneySaver. He has a Bachelor of Economics degree from York University and holds the Certified Financial Planner designation. Hannah is also a Certified Financial Planner and a Chartered Investment Manager. She has experience working in the wealth management industry managing investments and filing taxes. She is now on the fee-only, advice-only financial planning side of things, and if you want to speak Jason, Hannah or someone from their team, you can reach them at BuildWealthCanada.ca/jason. Resources Mentioned: You can book a free introductory meeting with Jason and his team at buildwealthcanada.ca/jason. As a Build Wealth Canada listener, you'll get 10% off if you end up working with them. You'll also be entered into the giveaway to win a free financial plan. The discount and giveaway are for a limited time, and you can sign up for free here.  Questions Covered: To kick things off, can you take us through what we need to know for 2024, when it comes to our TFSA? and can you give us a quick refresher on how the TFSA works when it comes to taxes, and getting our contribution room back every year. Follow up question: Do you often suggest that clients keep their equities in their TFSAs due to their higher expected return compared to bonds and TFSA savings accounts? What have you found to be the most efficient way for Canadians to determine how much TFSA contribution room they currently have? Can you speak to how you can actually increase or decrease your available TFSA contribution room, depending on how your investments perform? Follow up question: How do you factor this in when you are doing financial planning for your clients? Follow up question 2: What kind of analysis do you do on TFSAs when you are working with clients and are there any optimizations or mistakes that people sometimes do that you are on the lookout for? Let's change gears and talk about RRSPs next. Are there any changes to RRSPs that we should be aware of for 2024, and for anybody new to all this, can you give us a refresher on how RRSPs work for us Canadians, when it comes to minimizing our taxes? Can you speak about the RRSP loan strategy? This is something that we often hear mentioned in different blogs and books on finance for Canadians, but do they still make sense in this higher interest rate environment that we are now in? (please explain the strategy first for anybody not familiar) When it comes to RRSPs, are there any common and/or critical mistakes that you see Canadians make, when you are doing financial plans for your clients? The FHSA is a relatively new tool for Canadians. Can you speak to what it is, who is it for, and how do you like to analyze and factor it in, when working on financial plans for your clients? Are there any new tax credits, deductions, or government benefits in 2024 that you think we should especially be aware of? and are there any that you find Canadians sometimes tend to miss? What have you found to be the best way to ensure that we don't miss any tax credits, deductions or government benefits that we are eligible for? (it's a bit of an overwhelming list if we just google it) Can take us through the updates for 2024, when it comes to the basic personal amount. And can you explain what it is and the financial planning implications of it, for anybody not familiar? As we enter 2024, can you take us through a checklist of what you advise your clients to do as the year progresses? What should they be doing annually now, and as the year moves forward? Is there anything else that you think Canadians should know about, from the taxation and government benefits side as we head into the new year? I set up a page for you where show listeners can get a free consultation with your team, and that's over at buildwealthcanada.ca/jason. Can you tell us a bit more about what problems and challenges you and your team specialize in solving for Canadians?

Are you a first-home buyer who is planning on leveraging the First Home Savings Account? The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren't aware of the new tax-deferred scheme or find it too onerous. The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren't aware of the new tax-deferred scheme or find it too onerous. In fact, according to BMO's 14th Annual Investment Survey, just over half of Canadians (52%) looking to buy a home for the first time say they are likely to leverage the FHSA to help save for their home purchase. It suggests that there's still a long way to go in order to foster an understanding of their benefits. Jason Heath is a fee-only financial planner with Objective Financial Partners. Today, he explains how FHSA works, the nuisances to be aware of, and whether you're better off using another plan.Website: www.objectivefinancialpartners.comTwitter: @JasonHeathCFP LinkedIn: https://www.linkedin.com/in/jasonheathfinancial/

Want to help your kids or grandkids purchase their first home?  In today's episode we're going to discuss how you can help your kids buy their first home by helping them set up a First Home Saving Account (FHSA).  Specifically, we are going to discuss:  How does it compare to the TFSA and RRSP.  What is the FHSA, and how does it work?  Who can open a FHSA and what are the restrictions?  What if a home is not purchased?  Why every eligible person should open this account, even if they don't plan to buy a home.  Why it's so important to open one of these sooner than later.  Lastly, I will finish up with some action items to help address some potential shortfalls in your current plan.   WANT MORE RETIRMENT PLANNING TIPS?  Join thousands of other Canadians and subscribe to the Retiring Canada Newsletter   As a thank you, you'll receive a copy of my Step-by-Step Retirement Income Blueprint.  

Season 1 of the Smart Advice Podcast brought a wealth of financial advice, tips and insights to help support Canadians along their financial journey. We covered a variety of timely and important topics, from the state of the economy and the markets to advice around investing and saving for life's major goals.In this bonus episode, we  look back at highlights from this season that can better position you for a successful 2024.If you're new to the Smart Advice podcast and want to learn more about the topics we cover , or you're a loyal listener looking for the biggest takeaways of the year, this episode is for you.ResourcesVisit CIBC for more smart adviceIf you want more insights, check out these previous Smart Advice podcast episodes:Beyond the 60-40 rule: Rethinking the asset mix for modern investors with David WongRent vs buy: A conversation with Benjamin Tal  Banking on resilience: An outlook on Canada's financial sectorThe great Canadian wealth transfer: From baby boomers to beneficiaries  Estate planning simplified: The Willful way with Erin Bury How the FHSA helps first-time Canadian homebuyers with Jamie Golombek What's next for inflation and interest rates? with Avery Shenfeld The art of financial multi-tasking with Rob Carrick Episode Highlights[01:07] Financial advice 1: Rethinking the 60-40 asset mix ruleA portfolio with 60% stocks and 40% bonds has provided a long-term balance of growth and stability.Remember that in the short term, you will face volatility in the market. When your assets are not diversified, it's easy to make bad decisions.There's a spectrum within the equity market. This includes markets that are from developed or emerging countries; as well as small-cap and large-cap markets.In bond markets, there's a difference between value investing and growth investing.[03:43] David Wong: “The more granular we can get in that asset mix, the more we can give better potential reward to risk in our portfolios.”[03:51] Financial advice 2: Renting vs buyingThe changing real estate market has made many Canadians rethink homeownership options.There is nothing wrong with renting property. In fact, this may be the more sensible decision for some.Real estate investors should realize there will be more families looking to rent and prefer dealing with a landlord linked to a company.Demand for purpose-built rentals is rising annually, yet Canada does not have a good supply.[07:06] Financial advice 3: The state of Canada's financial sectorThe US banks are not likely to impact Canadian banks.The Canadian financial sector is much more regulated with 6 major banks and some financial institutions. On the other hand, the US has over 4500 banks.Over the past 10 years, the US had 73 bank failures. Canada did not face any bank failures in nearly 100 years.[09:18] Financial advice 4: All about wealth transferPassing along assets is not a simple task, some may have tax implications.Before thinking about gifting, you need to make sure you're in a good financial position to do so.[12:19] Financial advice 5: The importance of a will in estate planningWillful was founded for everyday Canadians who  need a simple way to set up a will.Insurance is about planning for people you will eventually leave behind. Similarly, an estate plan gives your family assets.[14:43] Erin Bury: “This is not something you should be waiting to do until retirement. As soon as you have assets to protect, loved ones like a spouse that you want to ensure know your wishes, or children that you'd want to make sure [are] accounted for, even pets more increasingly these days. It's time to think about getting a will…this is not a really time-intensive cost cost-prohibitive process anymore.[15:08] Financial advice 6: Using the FHSA to buy a homeThe FHSA helps first-time homebuyers by giving a tax-deductible contribution of up to $8,000 a year for five years.The FHSA is now available at CIBC[17:17] Financial advice 7: Canada's financial futureInterest rates will eventually stop inflation from rising, we just need to be patient.Lower interest rates may start by the spring of 2024.Currently, the rate of interest is at 5%. By the end of 2024, this may fall as much as 3.5%.However, a 3.5% interest rate is still double the rate of the last business cycle; so, most Canadians would still find this rate very high.[17:49] Avery Shenfeld: “Interest rates are high enough to do the job. That doesn't mean that inflation is going to magically melt away tomorrow, we're going to have to go through some economic pain, some period of slower growth, [and] a bit of an upturn in unemployment, before we cool spending power enough for inflation to come down. Our view is that…the impact of all those prior rate hikes was kicking in even before the Bank of Canada's last interest rate decision, which was back in July, was slowing spending. And with time, that will bring relief on the inflation front. So we'll need to be patient.”[19:48] Financial advice 8: Navigating the current economyWe live in an age where people in their 20s are already buying houses and saving for retirement.The reality is that these people are exceptions. Many are struggling to save, much less thinking about retirement.Most people have the mindset that 65 years old is the start of retirement. However, working longer may be more strategic and keep you active.If you consider working past 65 years old, start thinking about how you can shift to a consulting type of relationship in your career.[20:57] Rob Carrick: “If we were to talk to more people in our position more of our peers, honestly about money, we'd find that there's a lot of people with the same struggles as us, I think that will calm and relax us and make us feel that I have time. And you know what, I got a late start on saving for retirement, but I'm doing it now and I'm 100% committed and I'm going to make up for lost time…getting into the housing market…you could do it in your late 30s, you could even do it in your early 40s. If you are willing to work past 65, time can help take the pressure off.”[22:11] Rob Carrick: “In your 50s…in your career, start thinking about how am I going to create a post-65 reduced workload consulting type of relationship from what I'm doing now.”About our guestsThe Smart Advice Podcast has hosted a powerhouse of guests from CIBC and supporters. We thank our colleagues for their immense support for this program: David Wong, CIBC Managing Director and Head of Total Investment SolutionsJamie Golombek, CIBC Managing Director, Tax and Estate PlanningBenjamin Tal, CIBC Deputy Chief EconomistDavid Andrich, CIBC Senior Equity Research AnalystRichard Voss, CIBC Director of Wealth StrategiesMarilyn Andrade, CIBC Senior Trust and Estate ConsultantMark Herzog, CIBC Managing Director and Head of Institutional EquitiesErin Bury, Willful CEO and Co-FounderTashia Batstone, President and CEO of FP CanadaScott McGillivray, Real estate expert, contractor and media personalityAvery Shenfeld, CIBC Managing Director and Chief EconomistRobertson Velez, CIBC Global Equities Portfolio ManagerRob Carrick, Globe and Mail personal finance columnistTo learn more about our guests, refer to our episode show notes and highlights.Enjoyed this episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family to give them in-depth insights into the resilience of the Canadian economy.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts. 

You should open up an FHSA Account this year! This is for you if you don't own a home now or in the last four years and are age 18 - 71. You get contribution room starting the year you open your FHSA, but if you wait until next year you lose that room. The deadline is December 31. An FHSA Account is the # 1 way to save for a home down payment if you buy within the next 15 years. You get a tax deduction for contributions, and withdraw tax free to buy your home and you don't have to repay it. More reasons in this podcast.  

Артем рассказывает о плюсах FHSA и RRSP. Как с помощью вложений в эти программы увеличить получение детских денег от государства Видео на тему FHSA: Обзор FHSA. Что происходит со счетом после смерти владельца | #207 video 207 MoneyInside.ca – ваш подкаст о деньгах, экономике и личных финансах. MoneyInside в iTunes MoneyInside в YouTube Оставить свои комментарии или задать вопросы вы всегда можете под этим выпуском или в группе «Финансы с Артемом» в Telegram Книга “Inside Banking” — все вопросы и ответы о канадских финансах простым языком. Купить Спасибо, что слушаете MoneyInside. Успехов в деньгах!

In this episode, we delve into the exciting realm of real estate as we discuss the recently introduced First Home Saving Plan. Breaking down the key features and benefits of this innovative savings initiative, providing valuable insights for first-time homebuyers navigating the path to homeownership. Tune in!  

Today we are discussing the FHSA (First Home Savings Account). This product is intended to help first-time home buyers. We'll go over the requirements and eligibility to make use of this product. Joining us today are Alejandro Mejia and Brayden Bouchey from Quasar Financial Planning Group. Mutual funds, approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc. The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This podcast was prepared by {you guys, mortgage Brokers}, along with Alejandro Mejia and  Brayden Bouchey who are Investment Funds Advisors at Quasar Wealth Management a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia. Reach out to us to find out more on this topic! Check Out Our Links Below! ⬇️ ⁠www.thrivemortgage.ca⁠ // ⁠Check out all of our content by clicking here! --- Send in a voice message: https://podcasters.spotify.com/pod/show/yvrremoshow/message

Our FHSA podcast is the ultimate tax guide for anyone looking to buy their first home. Discover the pros and cons of this tax-free savings account, as well as tips and strategies on how to maximize its potential. Step into the world of real estate with confidence, thanks to the valuable insights and advice from our guest. Website : https://ia.ca/economic-publications/podcasts

Justin and Markus discuss some of the ins and outs of the newly available FHSA. Find notes and more info at www.muhs.ca/fhsa

Taxes?! Isn't that a March or April thing? According to our guest this episode, a little bit of planning now will save you some headaches come spring. Robbie Brown is the Director of Advanced Planning and Services and the Head of Wealth Management Taxation at Scotia Wealth Management, and he's got helpful tips on everything from key dates, to maximizing government grants, to how to best use the new First Home Savings Account even if you don't plan on buying a house in the near future.  For more information, and even more tips, check out the full 2023 year-end tax planning tips article. Key moments this episode:  1:21 — Tip #1: Some key dates. Including a big one that has shifted this year  4:56 — Tip #2: If eligible, take advantage of the First Home Savings Account (or FHSA)  7:24 — Tip #3: RRSP basics  9:07 — Tip #4: How to best use the TFSA (Tax-Free Savings Account)  13:33 — Tip #5: How to maximize your RESP (Registered Education Savings Plan)    This publication has been prepared by Scotia Capital Inc. and is intended as a general source of information only and should not be considered as personal and/or specific financial, tax, pension, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither Scotia Capital Inc. nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of Scotia Capital Inc. 

In this episode of the Barenaked Money podcast, hosts Colin White and Mitch Silber discuss the First Time Home Savings Account (FHSA) in Canada. They explain that the FHSA is a registered account created by the federal government to help prospective first-time homebuyers save for their first home tax-free. However, eligibility criteria must be met, such as being Canadian, being 18+, and not having owned a home in the past calendar year or the previous four calendar years. The maximum annual contribution is $8,000, with a lifetime limit of $40,000. The hosts debate whether the FHSA will actually solve the housing affordability crisis in Canada, with Colin expressing scepticism and Mitch highlighting the potential benefits of the account. They also discuss different scenarios in which the FHSA could be a useful planning tool, such as for young couples saving for a down payment or for parents wanting to help their children buy a home. They emphasize the importance of considering individual circumstances and goals when deciding how to use the FHSA. The hosts also mention that the program could potentially change in the future, so it's important to stay informed and regularly review financial plans.

Financial Planner Ines Iraoui joins host Chris Cooksey to discuss the new first home savings account (FHSA), including:   What is an FHSA? Who can open an FHSA? Who is considered a first-time home buyer? What if I am a joint owner of a property and want to buy one alone? How does a FHSA work? Are FHSA contributions similar to those in an RSP? Are withdrawals from your FHSA similar to those in a TFSA? Where can I open an FHSA? When will the FHSA be closed? What if I opened an FHSA, and I decided that I didn't want to buy a home anymore? Follow the podcast on LinkedIn: The Advantaged Investor   Please subscribe, rate and review. Reach out at advantagedinvestorpod@raymondjames.ca.

Homeownership is a dream that many Canadians aspire to, but with rising home prices — especially in places like Ontario or Vancouver, BC — achieving that dream is becoming more difficult.That's where the First Home Savings Account comes in. It's a new savings plan introduced to help first-time Canadian homebuyers land their first home. In this episode, Jamie Golombek gives us an overview of the FHSA and how it can be used to its fullest potential. We also review some scenarios where the FHSA is — or isn't! — applicable.The new First Home Savings Account (FHSA) is coming to CIBC this November. Connect with your advisor or visit cibc.com/FHSA to sign up for updatesResourcesListen to the previous episode with Benjamin Tal, Rent versus Buy!CIBC Smart AdviceLook up Jamie Golombek's website for tax advice!

The Canadian government announced a new option for you if you are saving for your first home. Erin and Keri briefly discuss how it works and encourage you to see if you qualify. Learn more here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html  __________________________  If any of the links provided here receive affiliate commissions, it goes to support sponsoring people into the Get the Hell Out of Debt online program who otherwise could not attend. You are changing lives! ⭐️ Send us a voicemail with your thoughts here. https://www.speakpipe.com/erinskyekelly   Order your copy of Get the Hell Out of Debt here. https://amzn.to/3Vdelum     Listen to Get the Hell Out of Debt on Audible here. https://www.amazon.com/Get-Hell-Out-Debt-Relationship/dp/1642939552/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1649093626&sr=8-1   Download Get the Hell Out of Debt for your Kindle here. https://www.amazon.com/Get-Hell-Out-Debt-Relationship/dp/1642939552/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1649093626&sr=8-1   Join us in the online program Get the Hell Out of Debt here. www.GettheHellOutofDebt.com   Preorder Erin's latest book Naked Money Meetings from your favourite local independent bookseller. Or of course, it's always available here. https://amzn.to/40HzEFa    How To Teach Your Kids About Money here. https://www.erinskyekelly.com/how-to-teach-your-kids-about-money   Have Erin's Tuesday newsletter delivered to your email inbox here. https://www.erinskyekelly.com/sign-up-for-newsletter    

FHSA - First Home Savings Account. MoneyInside.ca – ваш подкаст о деньгах, экономике и личных финансах. MoneyInside в iTunes MoneyInside в YouTube Оставить свои комментарии или задать вопросы вы всегда можете под этим выпуском или в группе «Финансы с Артемом» в MeWe — https://mewe.com/join/canfinanceinrussian Книга “Inside Banking” — все вопросы и ответы о канадских финансах простым языком. Купить Спасибо, что слушаете MoneyInside. Успехов в деньгах!

The housing market has cooled less than expected as inventory is limited, and prices remain high. Today we explore how to take advantage of your existing investments, and which accounts to use to assist your children buy their first-time home. As well we discuss best practices for young people trying to save for that new home. Key points: (00:54): What's happening in the housing market? (02:02): Helping your kids with their first home? (02:19): Which account should that money come from? (04:25): What else are we seeing parents help their kids with? (05:42): Where should your kids be saving? (07:42): How does the new First Home Savings Account work? (10:01): How to make the FHSA work to your advantage

The First Home Savings Account, or FHSA, is a new type of registered plan available to Canadians. This episode we're explaining the ins and outs of the FHSA and how you might be able to take advantage. Kingsley Chak, the Senior Vice President of Deposits, Savings and Investments at Scotiabank, is our guest. He'll also give us a refresher on all those other savings account acronyms you've heard of but might not be 100% clear on. So, you'll come away knowing the ABCs of TFSAs, RRSPs, RESPs and more.      Key moments this episode:   1:00 — What exactly is the First Home Savings account?  1:28 — Why was an account like this created?  1:47 — How much can you contribute to an FHSA? How does it work?  3:20 — Who should consider opening an FHSA?  4:23 — Who can open a FHSA?   4:50 — Could parents or grandparents open an account for a child or grandchild?  5:22 — Some tips on the best way to use the FHSA  5:51— A tip on how the FHSA can work with an RRSP  6:02 — Can a couple or several people pool their own separate FHSAs?  6:50 — When will the FHSA be available?  7:08 — How is the FHSA different from the Home Buyers Plan?  8:04 — A breakdown of investment vehicle acronyms – starting with RRSP  9:25 — What is an RRIF?  9:58 — What is a TFSA?  11:44 — What is an RESP?  13:04 — What is an RDSP?  13:26 — What is an MPSA? 

Canada's housing affordability crisis has put the purchase of a home out of reach for many young aspiring homeowners. The government created the first home savings account (FHSA) in response.An FHSA is a vehicle people can use to save for purchasing their first home while receiving a tax deduction on contributions. The money grows tax-free, and you can use it to buy a house without needing to refund the account; unlike the RRSP's Home Buyers' Plan.Keith and Marcelo first spoke about the FHSA when it was announced in June 2022, and today they're coming back with more answers as we head towards the account's rollout. In this episode, Marcelo and Keith talk about what exactly an FHSA is, how it works, who benefits from using them, how it may impact the housing crisis, and so much more!Thank you for listening!Key Topics:The purpose of the first home savings account (FHSA) (3:05)Young Canadians' attitudes toward homeownership (3:53)How the FHSA works (5:38)Parameters for using an FHSA (7:04)The main benefit of using an FHSA (8:24)How the FHSA works alongside a Home Buyers' Plan (HBP) (9:33)Implications of choosing not to buy a home (11:53)The main difference between the FHSA and the HBP (13:52)Primary beneficiaries of the FHSA (15:14)Rising criticisms of the FSHA (17:00)Advice for young investors (19:28)And much more!Mentioned in this Episode:The Empowered Investor | Episode 56: Tax-Free First Home Savings Account (FHSA)Tulett, Matthews & AssociatesKeith Matthews' Book | The Empowered Investor: A Guide to Building Better PortfoliosThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

On May 11, Fidelity Investments Canada hosted FOCUS2023, a daylong event for advisors featuring Fidelity's portfolio managers, subject matter experts and thought leaders. Sessions ran both on-stage in Vancouver to a live audience, and from our Toronto studio for a crowd of thousands more online.  On today's podcast, our retirement and tax experts Peter Bowen and Michelle Munro discuss the new FHSA or First-Home Savings account - the main highlights of the new investment vehicle and how the FHSA could fit in your overall investment strategy.  Buying a home can be a challenge for many first-time home buyers especially in today's environment, but this new registered account allows you to save up to 40-thousand dollars tax-free towards the purchase of your first home.  Peter explains how the FHSA is a powerful investment tool that combines the benefits of an RRSP and TFSA. He says there is no tax on the withdrawal from a FHSA if it's going towards the first purchase of a home and there are other options like transferring FHSA funds into an RRSP or RRIF.  And Michelle addresses common questions about the FHSA such as contribution room and criteria and eligibility of the investment account.  Recorded on May 11, 2023. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

Jason talks to Aaron Hector about Canada's newest registered account, the FHSA - The First Home Savings Account. Aaron Hector is a private wealth advisor for CWB Wealth. He works primarily with individual clients and family direct client relationships.Episode Highlights:02:30: Aaron talks about the restrictions in the FHSA account. You can put up to $40,000 in your lifetime. But you can only put $8000 per year.03:07: Jason explains how housing is a bigger concern in Canada than in US.03:52: One of the things that always happens when new accounts come out is that invariably people don't understand the rules.06:40: Aaron talks about the penalty and additional expenses associated with the FHSA account. 09.26: Before opening the FHSA account it is extremely important to read the small prints, eligibility criteria and guidelines, says Aaron.11:05: If you start with making fresh contributions to your FHSA, maybe you marry someone who has a house already, that's hour on buying a home for whatever reason that homeownership gold doesn't come to fruition.12:38: There is a lot more nuance than people are giving credit to the FHSA account, says Aaron.15:22: You could look at again going into your RRSP and then just deferring that tax, says Aaron.18:44: You can name a beneficiary successor holder, so successor Holder can only be your spouse or common law. If you pass, then your spouse assumes the count as an FHSA, rather than just liquidating the account and getting the money, but on the beneficiary side, this is interesting.22:04: As per Jason if he had FHSA, he would use that option to roll it over into a rift.22:58: If you have to be a first-time home buyer when you open the account the only other time that it makes a difference is when you try and make it tax free.24:49: If you had money in it's like how you get a double deduction so you get a deduction when you make an RRSP contribution and then the same money you could in theory withdraw through the home buyers plan.3 Key Points:To open an FHSA account you need to be a Canadian Resident, not a Canadian Citizen. You have to be at least 18 years old, and you can't be older than 71.Aaron shares few horror stories of kids in trust for accounts going sideways. He also shares the nuances and concerns of people that one should be aware of.If you name someone who's not your spouse, as a beneficiary of your FHSA they get the money, but they pay the tax too. The tax leaves the original account holder not dealt with in the final tax return of the deceased. The beneficiary pays the taxes, so it's kind of the opposite tax treatment.Tweetable Quotes:"FHSA works both as an RRSP and a tax-free savings account." - Aaron"FHSA is almost like the HSA in the US. The health savings account and it's tax deductible." - Aaron"The timeline for FHSA is really the same timeline as an RRSP 1871 and you need to be deemed a first-time home buyer." – Aaron"For someone who maybe doesn't have a lot of spare cash, that's a way to use the FHSA program without making kind of brand-new contributions." – Jason"If I do an RFP transfer cause maybe that's what I want to do, then I don't get 40, I don't get an additional deduction." – Aaron"I am not big in putting money in the hands of young adults until they've proven that they can handle it." - AaronResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Description:  In this Episode, James Parkyn & François Doyon La Rochelle revisit the basics of the recently launched Tax-Free First Home Savings Account (FHSA) and give their listeners some planning ideas.  They also perpetuate their annual tradition and review of the 15th edition of The Credit Suisse Global Investment Returns Yearbook 2023, Summary Edition.    Read The Script:  INTRODUCTION:  François Doyon La Rochelle:   You're listening to Capital Topics, episode #52!  This is a monthly podcast about passive asset management and financial and tax planning ideas for the long-term investor.   Your hosts for this podcast are James Parkyn and me François Doyon La Rochelle, both portfolio managers with PWL Capital.  In this episode, we will discuss the following points:  For our first topic, we will review and comment on the recently launched Tax-Free First Home Savings Account (FHSA)  And next, for our main topic, we will Review the Credit Suisse Global Investment Returns Yearbook 2023  Enjoy!    In the news: The New FHSA     François Doyon La Rochelle: In our first topic today, we will review and comment on the recently launched Tax-Free First Home Savings Account (FHSA). This is a topic that we covered in episode #45 of this podcast back in October 2022 but since then, as of April 1st, the legislation governing these types of accounts has taken effect, so we thought it was a good time to revisit the basics and give you some planning ideas.  James Parkyn: Yes, for many of our clients and our listeners, this is a hot topic that deserves our attention since it's probably the most significant tax break ever offered to help Canadians save money tax-free for the purchase of their first home.   François Doyon La Rochelle: I totally agree, so let's start and remind our listeners of the basics of how an FHSA works. The first question to ask is, who can open a First Home Savings Account? So, to be able to open an FHSA, you must be a tax resident of Canada aged between 18 and 71. Furthermore, you or your partner cannot have owned a home in the current calendar year or any of the previous 4 calendar years.  James Parkyn: One interesting nuance here to highlight is, although you can only participate once in the program, if you are now renting, but you were a homeowner let's say 6 years ago, you could still qualify as a first-time homeowner and open an account.  François Doyon La Rochelle: Correct, once you have opened your account, you can contribute up to $8,000 per year to a lifetime maximum of $40,000. If you don't contribute the full $8,000 in a given year you can carry forward the unused portions of your contribution room up to a maximum of $8,000. This means that if you contribute less than $8,000 in one year, you can contribute your unused amount in a future year.  For example, if you open an FHSA in 2023 and you only contribute $4,000, in 2024 you would be allowed to contribute $12,000. That is the $8,000 for 2024 and the $4,000 for your unused contribution room for 2023. Also, like with the RRSP, your contributions are tax-deductible, meaning that any amount you put in will be deducted from your taxable income, therefore reducing your income tax.  James Parkyn: An interesting planning strategy here, especially for younger folks that are just starting their careers and that may not be earning a lot of money, is that you don't have to claim a deduction in the tax year you have made your contribution. Your contributed amount can be carried forward and deducted in a later year when your income will be higher. This way you can get a bigger tax deduction for your contribution. For parents wanting to help their adult kids buy their first home, since attribution rules don't apply, they can give money to their kids for their contributions.   François Doyon La Rochelle: Also, contributions to a FHSA doesn't have any impact on your regular RRSP contribution room so, if someone is fortunate enough and has the funds available, he could contribute to both type of accounts and use the tax refund to contribute to their regular TFSA. There is an important caveat however, once you open your FHSA, it can only remain open for up to 15 years or up to the end of the year when the account holder turns 71. At that point, if the funds have not been used to buy a first home, it can be transferred on a tax-free basis to an RRSP or RRIF or it can be withdrawn.  James Parkyn: We would not recommend withdrawing the funds as the amount withdrawn would be added to your income and taxed. This said, since the transfer to an RRSP would not impact, nor would it be limited to someone's RRSP contribution room there is another planning idea here for renters. Lifetime renters that don't intend to ever buy a house and that have maximized their RRSPs could open an FHSA and maximize their contributions to it. This way, since the funds accumulated in an FHSA can be rolled over tax-free to a regular RRSP the renters would effectively be generating an extra $40,000 of RRSP contribution room.  François Doyon La Rochelle: Yes, this is effectively one of the loopholes of this new program. Even then, if you are unsure whether you will be buying a house in the future, there is not much downside in opening an account and making the contributions because in the end if you don't buy a house, you can rollover the funds accumulated tax-free to your RRSP or RRIF. So, if you don't have the funds to make contributions to both the FHSA and the RRSP it would make sense to put money in the FHSA first. Talking about RRSPs, if you were planning to use the funds accumulated in your RRSP to buy your house with the Home Buyers Plan (HBP) you will be happy to hear that you will now be able to use the funds from both types of accounts to purchase your home. As a reminder, at first, when the legislation was introduced, you could not combine both plans.  James Parkyn: This is huge since prospective first-time home buyers could add another $35,000 in down payment.   François Doyon La Rochelle: Yes, this is very interesting, however unlike with the FHSA, the amount withdrawn from your RRSP with the HBP must be repaid within 15 years, starting the second year after the year of the first withdrawal. So, the HBP is essentially only a way to borrow money from your RRSP.  James Parkyn: Correct, in any case, I would recommend anyone to open a FHSA as early as possible to benefit from tax-free compound growth. If you open your account early and you make the maximum contribution each year, you can invest your funds more aggressively since the account can remain open for up to 15 years before you need to cash it out to buy a home or roll it over to your RRSP or RRIF. If you wait too long before opening and contributing to the account, you are giving up on growth since you will need to invest your funds more conservatively.  François Doyon La Rochelle: Yes, investing the maximum early, that is $8,000 per year for the first five years for a total of $40,000 at a 6% annual growth rate could result in approximately $85,000 in 15 years. If you combine this amount with the HBP of $35,000 that's a total of $120,000 in down payment. If you have a partner that has been as diligent as you that's $240,000 that could be available for a down payment.  James Parkyn: Yes, and again whatever your investment goals, the key is to let the magic of compounding work for you.   The sooner you start the better you will end up in the long term.  François Doyon La Rochelle: James, many Early Savers ask themselves when they are starting what should I prioritize? The TFSA, the FHSA, or the RRSP, and for those starting a family we can add the RESP.  What do you recommend for Early Savers who have competing needs for their savings and can't contribute to all of them?  James Parkyn: Great question Francois. The answer to me is likely to do your TFSA first because it has the most flexibility in that there are no tax consequences on funds withdrawn and you can put the amount taken out back in but you have to wait the following tax year. There is going to be a lot of FHSA promotion about the tax deductibility but if for any reason you would need to withdraw the funds it will be fully taxable, and you will not have the option to put the funds back in. So, there is no one size fits all answer. If you are sure of buying a home and have sufficient income to claim the deduction, then the FHSA will be a great option. You could even consider withdrawing from your TFSA and contributing to your FHSA and then using the tax savings to put money back in your TFSA.  François Doyon La Rochelle: Finally, for the moment there is only a handful of financial institutions that are presently offering these types of accounts. When I verified, Questrade, the Royal Bank, and the National Bank were the only ones offering it, but you can be sure that other institutions will follow suit in the coming months.  James Parkyn: Lastly, if you are currently in the process of buying a house since there is no holding period before you can withdraw funds from your FHSA to buy a house, you could technically open an account and make the maximum contribution for the year to get a tax refund and then withdraw the money the following day if needed.  François Doyon La Rochelle:  Yes, that's a good point James, thank you!      Main Topic: Review of The Credit Suisse Global Investment Returns Yearbook 2023 – Summary Edition:     François Doyon La Rochelle: Our Main Topic today is a Review of the 15th edition of The Credit Suisse Global Investment Returns Yearbook 2023 Summary Edition. Our regular Listeners will know we make this an annual tradition. Last year, we put a lot of effort into preparing our Podcast #38 in which we reviewed the 2022 edition of the Credit Suisse Global Investment Returns Yearbook, and we recommend our Listeners to go back and listen to it as the content (The impact of High Inflation on Stocks and Bonds and Update on the benefit of International Diversification) is still very relevant to what is happening in financial markets now.  That being said, James, could you give our Listeners an Intro about the Yearbook and explain its purpose?  James Parkyn: Absolutely, I will quote directly from the Introduction: “The Credit Suisse Global Investment Returns Yearbook documents long-run asset returns over more than a century since 1900. A key purpose of the Yearbook is to help investors understand today's markets through the lens of financial history.” The Yearbook details the returns and risks from investing in equities, bonds, cash, currencies, and factors in 35 countries and five different composite indexes. The Global Investment Returns Yearbook is produced in collaboration with renowned financial historians from the London Business School Professors Elroy Dimson, Paul Marsh, and Mike Staunton who produce the DMS Database.  They are also the co-authors of the book “The Triumph of the Optimists” published in 2003.  François Doyon La Rochelle: Reviewing the Yearbook is an annual must-read for us. I would add that it is also a core part of our Podcast mission to share with our Listeners relevant evidence-based research. OK so now James, I'm going to start today's review by asking you the same two questions as last year. First, why do you as a Portfolio Manager find the Yearbook useful?   James Parkyn: Francois, our discipline, as our regular Listeners know well is to invest with “The Investor Mindset, focused on the long term”.  We don't want to be led astray by short-term noise in the financial media and recent financial market volatility.  This challenge is daunting and applies to all Investors including us Professionals.  We have said it often on our Podcast: “It is simple to say but not easy to do: We must always be cognizant that we can fall into a trap of trying to “Forecast the Future”.  This is why the Yearbook is so useful to us as portfolio managers.  The Yearbook helps put current financial market events into context and compare them to long-term capital market history.  François Doyon La Rochelle: I agree, after all the major economic and geopolitical events of last year, it is crucial to take time out and look at financial market history to appreciate the importance of risk management.    James Parkyn: The 2023 Yearbook, like the ones before it, addresses this topic of why a long-term perspective is needed to understand risk and return in stocks and bonds.  The events of 2022 should have reminded investors to fear complacency.  Larry Swedroe said it well in his article “Lessons from the Markets in 2022. His Lesson #1 for 2022 was: “Just because something hasn't happened doesn't mean it can't or won't.”  François Doyon La Rochelle: Now for my second question to you James: what are the highlights of this year's Report?  James Parkyn: I will share my Five Highlights of this year's Yearbook.  My first highlight is they make the case for the importance of a long-term perspective and with it an appreciation of the laws of risk and return in stocks and bonds. This starts with explaining how even 20 years of data is too short a period to help make asset allocation decisions.    I quote from the Yearbook: “The volatility of markets means that even over long periods, we can still experience “unusual” returns. Consider, for example, an investor at the start of 2000 who looked back at the 10.5% real annualized return on global equities over the previous 20 years and regarded this as “long-run” history, and hence guiding the future. But, over the next decade, our investor would have earned a negative real return on world stocks of −0.6% per annum.”  François Doyon La Rochelle: This is very true and that's why it's so important to be careful about “Recency Bias”. The Yearbook also talks about having a long-term perspective on Bonds. What does it say, James?  James Parkyn: I remind our Listeners that for most Investors Recent bias is based on what happened in the last year.  The Yearbook makes the case for a much longer time frame. So, to answer your question about Bonds I share another quote from the yearbook: “Long periods of history are also needed to understand bond returns. Over the 40 years until end-2021, the world bond index provided an annualized real return of 6.3%, not far below the 7.4% from world equities. “I believe and the Yearbook concurs that extrapolating bond returns of this magnitude into the future would be foolish. The rapport goes on to say: “Those 40 years were a golden age for bonds, just as the 1980s and 1990s were a golden age for equities. In fact, the real return on world bonds in 2022 was −27%.”  François Doyon La Rochelle: It is so difficult if not impossible to forecast and successfully time big market directional shifts. In our last Podcast #51, we addressed the Active vs Passive results in 2022. The worst category out of the 20 was Global Real Estate with a success rate of only 20%, it was slightly surpassed by the corporate bond category with a success rate of 22.6% and by the diversified emerging markets category with a success rate of 23.4%. So, the vast majority of Active Managers missed the boat and performed poorly in these Asset Classes compared with the passive funds.  James Parkyn: Exactly.  My second highlight of the 2023 Yearbook is linked to the first one: “A historical risk premium in equity and bond returns relative to T-bills exists for a reason, that being a necessary payment for the risk of volatility and drawdown.” As our Listeners well know, we have experienced four equity bear markets since 2000 and we need to be paid for such a risk.   François Doyon La Rochelle: This makes total sense when you think that in 2020 with the Pandemic, the world experienced its third bear market in less than 20 years. Markets then staged a remarkable recovery and volatility fell once again. However, in 2022, volatility again rose, and both stocks and bonds fell sharply on inflation and rate hike worries and concerns over the Russia-Ukraine war. This was the fourth bear market since 2000. The Yearbook addresses how portfolio diversification can mitigate such risks.   James Parkyn: Yes, but reaping the benefits of diversification is also a long-term concept and can let you down in the short term. The historically extreme negative returns in 2022 of the classic balanced 60/40 equity/bond allocation are the perfect example.  François Doyon La Rochelle: To me, this point was also made in last year's Report, specifically that the negative correlations between stocks and bonds were not the long-term norm. The Yearbook makes it clear that stocks and Bonds have a historically positive correlation and that the last 20 years of negative correlation before 2022, were not the norm.   James Parkyn: We have addressed this topic a lot in recent Podcasts. Again, Investors must have a Long-Term Mindset.    My third highlight of the 2023 Yearbook is the topic of stagflation.  François Doyon La Rochelle: For our listeners, it might be good to clarify that stagflation is a term from the 70s, and early 80s, which characterizes an economy with low growth, high unemployment, and high inflation.  James Parkyn: The Yearbook warns there is a “growing consensus that conditions will return to normal with low inflation re-established.”  They quote academics Arnott and Shakernia: “A keener look at history would highlight how rare this happens”.  They state this would in their view be a “best quintile” outcome with the “worst quintile” being inflation persistence for a decade.  François Doyon La Rochelle: To me, this point is about forecasting the future or trying to guess “the markets' prevailing psyche.”  James Parkyn: Agreed, but the Yearbook makes the case that inflation and interest rates may not come down as fast as expected based on the very long-term perspective of the data in the DMS Database. My fourth highlight is when they tackle the big question: “What does it mean to be an Inflation hedge?” For instance, most Investors believe that Equities are a hedge against Inflation. The Yearbook provides extensive evidence that stocks, as well as bonds, tend to perform poorly when inflation is higher. It also makes the point that both stocks and bonds perform worse during hiking cycles.   François Doyon La Rochelle: Stocks are not, as is often claimed, the best hedge against inflation. The Yearbook makes a great case that “returns deteriorate for both” stocks and bonds as inflation rises. The Yearbook also makes the case that “Equities performed especially well in real terms when inflation was low.” In periods of deflation stocks actually “produced lower returns than on government bonds.” We discussed this in last year's Podcast #38.  James Parkyn: Yes, we did, and the 2023 Yearbook makes the point very clearly again this year about the long-run evidence on equity returns.  I quote: “While equities have enjoyed excellent long-run returns, they are not and never have been the hedge against inflation that many observers have suggested.  Despite this, it is widely believed that stocks must be a good hedge against inflation to the extent that they have had long-run returns that were ahead of inflation. However, their high ex-post (after the fact) return is better explained as a large equity risk premium.  The key nuance is that: “It is important to distinguish between beating inflation and hedging against inflation.”  François Doyon La Rochelle: Financial Market returns in 2022 proved the point. Stocks went down in a year of high inflation. The Yearbook makes the case that “Most finance professionals are too young to remember high inflation, bond bear markets, and years when stocks and bonds declined sharply together.”   James Parkyn: The Yearbook provides the long-run analysis needed to place the events of 2022 in context. Now I will share my fifth and final highlight when the Yearbook tackles the topic of Commodities as an asset class and the benefit of holding it in periods of inflation.  François Doyon La Rochelle: We hear a lot of noise about investing in Commodities as an Inflation Hedge and the fact that they are not correlated to Equities and Bonds. What does it say about the role that commodities play as an asset class? Do they offer a hedge against inflation that equities do not?   James Parkyn: To answer your question, I will quote from the Yearbook: “A key conclusion to take away, and highly pertinent today as 60/40 equity/bond strategies have let investors down, is that commodity futures do prove a “diversifier” from an asset allocation perspective, being negatively correlated with bonds, lowly correlated with equities and statistically a hedge against inflation itself.”  They go on to say that: “The problem is that the limited size of the asset class cannot solve all the asset allocator's prevailing inflation-induced dilemmas.”  So, it's nice in theory but not realistically investable for both Institutional and Retail Investors.  François Doyon La Rochelle: James, you refer here to commodity futures but it's also interesting to raise that the Yearbook also looked at direct investing in commodities.  James Parkyn: The Yearbook finding is that direct investing in Commodities does not provide a hedge against Inflation. I Quote “We find investing in individual commodities have themselves yielded very low long returns.   François Doyon La Rochelle: There is more in the Yearbook that is significant: As we point out to our Listeners regularly on our Podcast, history can provide clues to the future, so we should be cautious about any forecasts.   James Parkyn: Yes, the Yearbook results are long-term averages spanning many different economic conditions. As discussed at the beginning of this podcast, this is because stocks and bonds are volatile, with major variations in year-to-year returns. We need a very long time series to support inferences about investment returns. The Credit Suisse report shows us that even 20 years is often not long enough.  François Doyon La Rochelle: So, James, to wrap things up, given the insights from this Yearbook, and given the backdrop of higher rates and high but slowly declining inflation, how should investors be thinking about their portfolios today?  James Parkyn: François, I think it's appropriate to repeat our Conclusion from Podcast #38 when we covered the 2022 Credit Suisse Yearbook. I think it's also important to remember that rising rates and high inflation are just two risk factors that investors face.  Equity investors have experienced periods when safe assets, for example, bonds and cash, have been good counterweights to the volatility of stocks. Remember, there are many different risks that you are trying to defend against.  There will be times when bonds will be really helpful. I recommend that our listeners always consider their long-term goals, their risk profile, their ability to take risks, and their time horizon. In addition, they should consider the decumulation plan of their portfolios. All these elements should be considered when thinking about the structure of their portfolios.  François Doyon La Rochelle: In conclusion, I quote from the Yearbook: “Bad years happen and, when they do, it is consoling to remind ourselves of the long-run record from global investing. For investors in risky assets, especially equities, the long-run record truly does represent the triumph of the optimists.” James Parkyn: That is a great quote Francois and hopefully, our Listeners will take inspiration from it. On another note, we hope the recent merger of UBS with Credit Suisse into a mega bank will mean that the tradition will continue, and we will see a 2024 edition.    Conclusion:     François Doyon La Rochelle: Thank you, James Parkyn for sharing your expertise and your knowledge.   James Parkyn: You are welcome, Francois.  François Doyon La Rochelle: That's it for episode #52 of Capital Topics!  Do not forget, if you would like to submit questions or suggestions for the show, please email us at:capitaltopics@pwlcapital.com  Also, if you like our podcast, please share it when with family and friends and if you have not subscribed to it, please do.  Again, thank you for tuning in and please join us for our next episode to be released on June 8th.     See you soon!    Links: - Episode 51: Update on Active Vs. Passive & Global Banking Solvency — Capital Topics  by James Parkyn & François Doyon La Rochelle  - Episode 45: Bond Investing A New Landscape — Capital Topics by James Parkyn & François Doyon La Rochelle  - Episode 38: Review of the Credit Suisse 2022 Global Investment Returns Yearbook — Capital Topics by James Parkyn & François Doyon La Rochelle  - First Home Savings Account (FHSA) - Canada.ca by Government of Canada  - Global Investment Returns Yearbook 2023 – Credit Suisse (credit-suisse.com) by Credit Suisse  - Triumph of the Optimists: 101 Years of Global Investment Returns: Dimson, Elroy, Marsh, Paul, Staunton, Mike: 8601416069784: Books - Amazon.ca by Elroy Dimson, Paul Marsh & Mike Staunton 

It's my pleasure to host Stefan Scott, a fee-for-service (flat-fee) Financial Planner. He is a valued voice on the Physician Financial Independence Facebook group & is exceptionally well versed on the First Home Savings Account (FHSA).Discussion points:- Stefan's background (6:42)- FHSA overview (9:10)- Eligibility, definition of first time home buyer (10:27) - How long can an account stay open for? (12:54)- Carrying forward contributions, over contribution penalties (13:36)- Tax deductions (15:26)- Transfers from FHSA to RRSP & vice versa (17:08) - Are home furnishings eligible? (19:25)- Spousal transfers (21:31)- the right way to make transfers (22:24)- FHSA types, eligible investments, investment strategies (23:40) - Foreign withholding tax exempt? (28:28)- Strategies if you don't buy a home (29:37) - FHSA vs RRSP Home Buyer's plan (33:19) - What happens to FHSA at death? (36:06)- Qualified withdrawals & withdrawal guidelines (37:44)- Closing thoughts on FHSA and beyond (42:40)Stefan Scott:HouseCallsFP@gmail.comhttps://www.youtube.com/watch?v=s_f78sa5vVk&t=15sYatin Chadha:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast.combeyondmdpodcast@gmail.comhttps://www.youtube.com/watch?v=Rd90dJueAcgDEFINITIVE CRA WEBSITE on FHSA:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

As we roll into the spring, our real estate experts are back to give us their take on the state of Canada's housing market. Scotiabank Economist Farah Omran and John Webster, Scotiabank's Head of Real Estate Secured Lending, tell us why they're hesitant to use terms like recovery or stabilization, why supply is still a huge issue, where things may be headed as we go into the busy season and much more.    Key moments this episode:  1:12 — Summarizing the state of the market  3:00 — What does the market look like now compared to pre-pandemic?  5:07 — Are we in a stabilization period now?  7:36 — Is there any light at the end of the tunnel in terms of housing affordability?   13:21 — Where are interest rates headed?  15:15 — How have interest rate rises affected Canadian mortgage holders?  18:58 — Why price declines don't necessarily help with affordability.  21:57 — Will the new FHSA affect demand?  23:32 — Crystal ball time — what the next six months may look like in the market

TFSA… RRSP… There are already so many acronyms for Canadian investing accounts, but here comes one more, the FHSA. In this episode I explain everything you need to know about the new First Home Savings Account and how you can work towards your goal of owning real estate. Here's more of what I get into: 1:20 - Life Update - Bachelorette Outfit Hacks9:27 - What is the FHSA?13:42 - FHSA vs. TFSA vs. RRSP18:40 - Contribution Limits20:53 - What Can I Invest in?✩ CONNECT WITH ME: ✩Instagram: @missfindependentTikTok: @nikafarbLearn more at missfindependent.comFor contact or business inquiries: media@missfindependent.com

What's new for your 2022 tax return? In my latest podcast episode I'm going to give you insight into what's happening in the Canadian tax world. Get the inside scoop on the “new” items from CRA and those being discontinued. If you haven't done your taxes yet or you're thinking ahead to next year, find out how to get the best tax refund. In this podcast episode you will learn: How today's high inflation affects your taxes. How the work from home (WFH) trend affects tax returns. How to save tax on Covid-19 benefits you had to repay. New tax credits & deductions this year. What deductions & credits are discontinued in 2023? What's the difference between a tax deduction and a tax credit? How to estimate your tax refund from a deduction or credit. How to avoid CRA scams. Effective use of the FHSA - the “Renter's RRSP” coming in 2023. Why are Ed's clients getting such huge tax refunds this year?  

This week Brianna sits down with Madison Low, an Advisor in Muskoka, Ontario.We chat about:Everything FHSA- First Home Savings Account (at 13:00)How to choose an advisor who is aligned with you and your goalsPlanning your first purchase and how best to leverage the skills of your financial dream team!Why you should ask your advisor (and your mortgage agent) about their compensation model.How an advisor can help you protect your investments, your family and of course, your first home with an appropriate insurance approach.Grab your notebooks! Lots of info here for you first time homebuyers More information about the FHSA available here:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.htmlWant to access the FHSA right now? Check it out here:At Questradehttps://www.questrade.com/account-selectionAt National Bankhttps://www.nbc.ca/personal/savings-investments/fhsa.htmlWant to learn more about Madison? Connect with Madison:On Instagramhttps://www.instagram.com/mlowfinancial/LinkedInhttps://www.linkedin.com/in/madison-low-a42ab849/?originalSubdomain=caorVisit her websitehttps://advisor.sunlife.ca/madison.low/ Curious about Rotaract Muskoka? Check us out!:https://www.rotaractmuskoka.com/https://www.instagram.com/rotaractmuskoka/

Canadian First Home Savings Account Episode: #156 Podcast Date: 4/17/2023

The FHSA is a savings account created to assist Canadian first-time home buyers in saving for a down payment and achieving the objective of owning a home without being taxed. Learn today from Milton realtors Adrian and Ariel how to get the best out of this great money-saving program from the Government of Canada and why you should open an account as soon as possible! ************************ 0:16 – Intro 3:36 – Contribute up to $40,000 tax-free to your FHSA 6:55 – Be mindful of how you spend your savings fund 8:55 – You don't have to repay your FHSA 11:50 – People are trained to spend money 15:35 – It's easier to make money in this day and age 18:04 – Outro/recap ************************ Want more real estate podcast discussions? Watch it here: youtu.be/uLhNb8fdHt4 Listen to it here: http://www.soundcloud.com/ktrealty Catch clips and highlights of the show here: http://www.instagram.com/kormendytrott ************************ Our Social: Instagram: www.instagram.com/kormendytrott
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Twitter: www.twitter.com/KormendyTrott Soundcloud:http://www.soundcloud.com/ktrealty 
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TikTok: ************************ After successful careers in the automotive industry, entrepreneurs Ariel Kormendy and Adrian Trott decided to inject their passion for growing a brand and providing unrivalled service into the real estate industry. Kicking off their careers in 2011, they quickly became a top-performing team in Canada. Originally a team of two real estate agents in Milton, The KT Team quickly grew to a large team of exceptional REALTORS®, an administrative department and an in-house media department, taking their proven processes and unique services across most of the Golden Horseshoe. Follow them on social for behind-the-scenes footage, real estate tips, industry secrets and more.

Today we put the spotlight on the new First Home Savings Account - a new investment vehicle for Canadians looking to purchase their first-time home. Buying a home can be a challenge for many first-time home buyers especially in today's environment, but this new registered account allows you to save up to 40-thousand dollars tax-free towards the purchase of your first home. Host Kathryn Black sits down with Fidelity Canada's tax and retirement experts Peter Bowen and Michelle Munro to talk about what criteria and eligibility is involved in the FHSA. They also lay out different scenarios and investment strategies to consider when looking at the FHSA and how it could be used alongside other investment vehicles like a TFSA and RRSP. Recorded on April 11, 2023. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Saturday, April 1st, 2023…   Today is April Fools Day, National Sourdough Bread Day  (No foolin)   As of today, Canadians are supposed to be able to start contributing to a Tax-Free First Home Savings Account.  Here is how that works:   Canadian Citizens who are at least 18 yrs old, and no older than 71, open up an FHSA and start contributing money into it.   The yearly limit is $8,000 with a lifetime limit of $40,000.   Just like an RRSP, contributions are deductible from your income tax, so this makes a great tax-avoidance option.   Unlike RRSP's, when you pull the money out to buy your first home, you do NOT have to replace that money into the account later.   Definition of first time home buyers are those who have not owned a home, in which they live, for the past 5 years.   Started this briefing by saying that Canadians are ‘supposed to be able to start using this vehicle'  but it would appear that financial institutions are not yet ready for this.  Check with your investment professional or financial institution now.   Interested in more indepth real estate information?  Download our free podcast app, available for IOS and Android devices, by going to boknows.homes/apps….  You can also receive daily briefings on Alexa by going to boknows.homes/alexa

There is a brand new type of account in Canada coming out in April 2023. It's called Your First Home Savings Account (FHSA) aka The “Renter's RRSP”. You may know about RRSPs & TFSAs, well this is the third one, and it's worth knowing because for many people, this is going to be the best place to put your money. It's also the # 1 way to save for a home. In my latest podcast episode, I give you the top 15 hacks to get the maximum benefit from this new account, so that you can save money not just for a home, but for other purposes as well. Listen to this podcast & you will be an FHSA expert. Find out: What is an FHSA? Why were FHSAs created? The #1 way to save your down payment. Why are FHSAs called the “Renters' RRSP”? Why you should open one this year even if you are not yet saving for a home. What's the difference between an FHSA and the RRSP Home Buyer's Plan? Should you contribute to your FHSA, RRSP or TFSA? Should you claim or defer the deduction for your FHSA contribution? What's the difference between an FHSA and a virgin? (1st FHSA joke)  Why FHSAs make a great gift for your spouse or kids. FHSA uses for self-employed business owners with a corporation. The FHSA hack for the GIS Strategy for retirees. FHSA uses for non-residents. How to contribute $2,500 more to your FHSA with “FHSA Top-up Strategy”. What to do if you have no extra cash flow to invest  

The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don't we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That's the discussion on today's podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice! Helpful Links: Design of the First Home Savings Account: https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html Ottawa's New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998 Should You Pay Down Debt or Invest in RRSP: https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/ Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Whether you or someone you know is planning to buy a new home, or if owning your own home is a dream of yours down the road, the first home savings account or an FHSA, allows you to save up to $40,000 tax-free towards the purchase of your first home. The Federal government recently announced this new tax-free account for first-time homebuyers. To tell us all about this new initiative is David Daladouire, Director of Operations in Client Services. David discusses with host Emily Anonuevo the details of an FHSA and how it can help investors save for their first home. He also breaks down the nitty-gritty details of an account, such as the tax benefits of signing up and how long you can keep your account… which is longer than you might think! Recorded on March 2nd, 2023. Boost your down payment! You could win $8,000 and put it toward your first home. Learn more and enter here: https://go.fidelity.ca/FHSA-Contest At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

⭐⭐ Canada's NEW Tax Free Home Buyers Savings Account - FHSA The FHSA is a new account that was introduced in the 2022 federal budget and is set to be available to Canadians in 2023.  It basically provides first-time home buyers with a savings account that combines the tax benefits of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP). Listen to this podcast to know everything about this account. You're definitely in the RIGHT place if you're looking to understand how to create an investment portfolio or a "bullet proof plan” in order to protect you and your family, generate an income stream in retirement, and ensure that your money outlives you. 

In today's episode Greg and Colin interview Jamie Golombek, Managing Director Tax and Estate Planning at CIBC. Jamie talks about changes to be aware of for 2023 and beyond. Digging into the benefits of an FHSA account…you will want to know this. Enjoy the show!

Struggling to save for a first home in Canada? The Federal Government has introduced the First Home Savings Account (FHSA) – but what is it and how does it work? In this episode of the WealthSmarts podcast, Richard and Matt discuss the FHSA and answer some of the key questions you need to know. Some of the questions covered include: whom this is for, when someone can start using one, any restrictions or qualifiers as well as important considerations. Be informed on all that this new account offers so you can understand its many benefits - like tax savings! Don't miss out on learning more about this great tool so you and your friends and family that qualify can be steps closer to owning a first home. Tune in now to our latest podcast episode featuring Richard & Matt share their thoughts and opinions on the FHSA account!

Zainab Williams joins us to talk about options when saving for your new home. Xerxes Bharucha joins us to talk about the red hot rental market in Toronto.

Unintended Consequences of Trust Legislation - CE Drive w/ Jason Watt S05E07   Elaine Tindall CFP CPA joins Jason for a discussion of the pending changes to trust reporting rules and a look at how those rules might impact your clients.   Supplementary Materials:   Elaine Tindall, CPA, CGA, CFP https://elainetindall.com/   Legislation to make life more affordable and build an economy that works for everyone receives Royal Assent https://www.canada.ca/en/department-finance/news/2022/12/legislation-to-make-life-more-affordable-and-build-an-economy-that-works-for-everyone-receives-royal-assent.html   Secrets of the FHSA and OAS https://cedrive.podbean.com/e/secrets-of-the-fhsa-and-oas/   Planning for a child with a disability https://cedrive.podbean.com/e/planning-for-a-child-with-a-disability/   Property transfer tax https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax   Bill C-32: An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 3, 2022 and certain provisions of the budget tabled in Parliament on April 7, 2022 https://www.justice.gc.ca/eng/csj-sjc/pl/charter-charte/c32.html   Case Summary for Pecore v Pecore https://canliiconnects.org/en/summaries/33319   New rules for trust reporting are coming for 2023 returns https://www.cpacanada.ca/en/business-and-accounting-resources/taxation/blog/2022/october/new-rules-for-trust-reporting-are-coming#:~:text=The%20new%20regime%20will%20require,subject%20to%20enhanced%20reporting%20requirements.   The New Canadian Trust Reporting Rules https://moodysprivateclient.com/podcasts/new-canadian-trust-reporting-rules/   Remember to like and share the video! Leave a comment for Jason Watt down below.   Want to earn Continuing Education credits for listening to CE Drive? Subscribe to our CE program: https://www.businesscareercollege.com/continuing-education   Follow us on social media:   Facebook: https://www.facebook.com/BusinessCareerCollege/ LinkedIn: https://www.linkedin.com/company/business-career-college/ Twitter: https://twitter.com/BCCEdmonton

The Government of Canada has proposed the First Home Savings Account (FSHA) to help you save for your first down payment. A new (proposed) registered savings account (1:15) First Home Savings Account (FHSA) (1:57) FHSA: The best of the RRSP and TFSA (3:59) What happens to deposits not used for a first home? (5:17) What's in the fine print? (7:07) How does the FHSA integrate with the Home Buyers Plan of the RRSP? (8:25) Does unused contribution room carry forward? (10:17) - Learn more about the Lite Membership - Upgrade to the Plus Membership

1/ FHSA 2/ Credit score 3/ Can money buy happiness 4/ Understanding your finances

Financial Planner Aaron Hector joins Jason for a conversation revealing some tips and tricks with OAS and the new Tax Free First Home Savings Account.   Subscribe at the CE Drive Podcast Page to get access to Quizzes!   Supplementary Materials: Larry A. Wood OAS clawback secrets for the high-net-worth Everything You Need to Know About the New Tax-Free First Home Savings Account Tracking Liberal tax proposals before the budget drops IAFP SYMPOSIUM Elder Abuse: You Have a Role to Play Return for rights or things

Across Canada, increasing housing prices have made home ownership unaffordable for many. Today we're talking about the recent announcement by the federal government to help more Canadians get into the housing market: the new Tax-Free First Home Savings Account (FHSA) set to be implemented in 2023. The FHSA is the latest in a long list of investment and savings accounts available to Canadians for saving towards home ownership and retirement goals. At its core, this plan attempts to supercharge a young person's ability to save for a down payment.  In this episode, Marcelo and Keith review why the government is putting the FHSA in place, who can benefit from it, how it works, changes that the government might make before finalizing the FHSA, how it differs from the Home Buyers' Plan (HBP), and more! Thank you for listening! Key Topics: Introducing the FHSA (1:15) Why the FHSA was created (2:48) How the FHSA works (4:13) Tax implications of your FHSA (5:58) Details of the FHSA that are still under review (8:00) Key differences between the FHSA and the Home Buyers' Plan (HBP) (11:51) Who will benefit the most from the FHSA? (13:18) How young people should be thinking about saving for their future (14:38) The ongoing problem with the supply side of the housing market (17:03) Our takeaways on the impact of FHSA's on the Canadian housing problem (19:27) Thanks for Listening! Be sure to subscribe on https://podcasts.apple.com/us/podcast/the-empowered-investor/id1508663970 (Apple), https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vdGhlLWVtcG93ZXJlZC1pbnZlc3Rvci8 (Google), https://open.spotify.com/show/1mBnYMtqkbGqP2xyEThAUc (Spotify), or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on https://www.linkedin.com/company/tulett-matthews-&-associates-inc/ (LinkedIn), https://www.facebook.com/TulettMatthewsAssociates/ (Facebook), and more! Follow The Empowered Investor on https://www.facebook.com/theempoweredinvestor/ (Facebook), https://www.linkedin.com/company/theempoweredinvestor/ (LinkedIn), and https://www.instagram.com/theempoweredinvestor/ (Instagram)

“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial The FHSA is a proposed registered savings account that will allow individuals to make deductible contributions of up to $8,000 annually to a maximum of $40,000 for the purpose of purchasing their first home. Intended to help individuals save for their first home. Available starting in 2023. Contributions to the FHSA would be deductible from income and can come from existing RSPs Qualifying withdrawals for a first home purchase would not be taxable. - Income earned in the account would not be taxable. Tax Free Going In Tax Free Coming Out If you don't buy a home within 15 years, you've got to close the account And then, you can transfer what's left into an RRSP or Registered Retirement Income Fund (RRIF), or pay taxes on it MY CHALLENGE to you is to let people know about the FHSA Wishing you Financial Health | Know your numbers Having my own practice I get to put clients before shareholders First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy

“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial The FHSA is a proposed registered savings account that will allow individuals to make deductible contributions of up to $8,000 annually to a maximum of $40,000 for the purpose of purchasing their first home. Intended to help individuals save for their first home. Available starting in 2023. Contributions to the FHSA would be deductible from income and can come from existing RSPs Qualifying withdrawals for a first home purchase would not be taxable. - Income earned in the account would not be taxable. Tax Free Going In Tax Free Coming Out If you don't buy a home within 15 years, you've got to close the account And then, you can transfer what's left into an RRSP or Registered Retirement Income Fund (RRIF), or pay taxes on it MY CHALLENGE to you is to let people know about the FHSA Wishing you Financial Health | Know your numbers Having my own practice I get to put clients before shareholders First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy